Here are the key factors to keep in mind today for US Dollar trades:
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for February are predicted to increase by 1.7% monthly and Durables Excluding Transportation are predicted to increase by 0.5% monthly. Forex traders can compare this to US Durable Goods Orders for January which decreased by 3.6% monthly and to Durables Excluding Transportation which decreased by 0.3% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for February are predicted to increase by 0.9% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.5% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for January which decreased by 0.3% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which decreased by 0.1% monthly.
- US New Home Sales: US New Home Sales for February are predicted to increase by 4.6% monthly to 620K new homes. Forex traders can compare this to US New Home Sales for January which decreased by 7.8% monthly to 593K new homes.
Here are the key factors to keep in mind today for Canadian Dollar trades:
- Canadian CPI: The Canadian CPI for February is predicted to increase by 0.5% monthly and by 2.0% annualized. Forex traders can compare this to the Canadian CPI for January which increased by 0.7% monthly and by 1.7% annualized. The Canadian Core CPI for February is predicted to increase by 1.9% annualized. Forex traders can compare this to the Canadian Core CPI for January which increased by 1.8% annualized.
- Canadian Retail Sales: Canadian Retail Sales for January are predicted to increase by 1.2% monthly. Forex traders can compare this to Canadian Retail Sales for December which decreased by 0.8% monthly. Canadian Retail Sales Less Autos for January are predicted to increase by 0.9% monthly. Forex traders can compare this to Canadian Retail Sales Less Autos for December which decreased by 1.8% monthly.
Should price action for the USDCAD remain inside the or breakdown below the 1.2875 to 1.2935 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2900
- Take Profit Zone: 1.2560 – 1.2610
- Stop Loss Level: 1.3000
Should price action for the USDCAD breakout above 1.2935 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2950
- Take Profit Zone: 1.3080 – 1.3125
- Stop Loss Level: 1.2900
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
